The Bank of Mom and Dad (don’t go there)

I haven’t borrowed from my parents since.

Back in 1996 peer-to-peer lending companies like Prosper and Lending Club weren’t around. I wish they had been. I would rather have borrowed from a stranger than have to stare at my family across the Thanksgiving dinner table knowing I owed them.

If you find yourself needing some cash, why not consider a peer-to-peer lending company like Prosper or Lending Club? Both have interest rates and terms that will let you keep your dignity and prevent that Thanksgiving turkey from tasting a little strange. I dunno, maybe it’s the canned cranberry sauce?

On the other side of the coin, if friends or family ever come to me wanting to borrow cash, my plan is to direct them to Prosper or Lending Club and then help fund their loan myself. I believe that’s the best way to maintain a good relationship as well as keep money from causing hurt feelings and bitterness.

What about you? Have you ever borrowed from friends or family? Have friends or family asked to borrow from you? How did it work out? How did you feel about it?